For Week Ending September 23, 2023
New-home construction recently fell to a 3-year low, as higher mortgage rates take their toll on homebuilders, impacting affordability and causing production to slow. According to the U.S. Census Bureau, housing starts dropped 11.3% from the previous month, led by a decline in multi-family construction. Although starts fell more than economists predicted, building permits increased over the same period, rising 6.9% from the previous month.
IN THE TWIN CITIES REGION, FOR THE WEEK ENDING SEPTEMBER 23:
- New Listings decreased 3.8% to 1,252
- Pending Sales decreased 10.0% to 894
- Inventory decreased 8.7% to 8,707
FOR THE MONTH OF AUGUST:
- Median Sales Price increased 2.7% to $380,000
- Days on Market increased 18.5% to 32
- Percent of Original List Price Received increased 0.1% to 100.0%
- Months Supply of Homes For Sale increased 15.8% to 2.2
All comparisons are to 2022
Click here for the full Weekly Market Activity Report. From MAAR Market Data News.